Riyadh – Mubasher: Saudi Market Company (Farm Superstores Co) on Wednesday posted a 46.18% year-on-year slump in its profits for the first quarter of 2018.

Net profits amounted to SAR 12.13 million in Q1-18, compared to SAR 22.53 million in Q1-17, according to the company’s filing to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed company attributed the profit drop to an increase in sales and distribution expenses, coupled with higher general and administrative expenses.

Quarter-on-quarter, the company’s profits levelled up 34% to SAR 12.13 million for the first three months of 2018, compared to SAR 9.05 million in Q4-17, according to the statement.

The company's revenues decreased 8% to SAR 452.3 million in Q1-18, versus SAR 491.5 million for the same period of the prior year.

For the full-year 2017, the Saudi Arabia-based company's profits went down 35.5% to SAR 59.13 million, from SAR 91.62 million in the year before.

By the end of Wednesday’s session, Saudi Market Company’s stock rose 1% at SAR 22.92.